Newron Pharmaceuticals

SW: NWRN

Market CapCHF25m

Last Close CHF1.4

Newron Pharmaceuticals is focused on the central nervous system. Xadago for Parkinson’s disease (PD) is sold in Europe, Japan and the United States. Evenamide, a novel schizophrenia therapy, has started one Phase III and may start a further US trial in H122.

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Investment summary

Newron is developing evenamide (30mg twice per day) as an add-on to treat poorly managed and resistant schizophrenia. A potentially pivotal Phase II/III study (008A) is underway and could report by Q422. Further US studies will be needed. Newron hopes to partner evenamide for larger indications and to sell the product directly for clozapine-resistance. H121 results showed Xadago royalties of €2.65m, up 6.5% versus H120. Newron had June cash plus loan facilities totalling €36.9m plus Xadago royalties to fund it into 2023.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2019A 7.0 (18.6) (18.0) (101.0) N/A N/A
2020A 5.3 (16.4) (18.2) (109.0) N/A N/A
2021E 5.5 (13.7) (16.7) (94.0) N/A N/A
2022E 6.0 (26.3) (29.9) (167.0) N/A N/A
Industry outlook

Xadago is marketed as an add-on to levodopa therapy in PD. It is sold by Zambon in Europe and by Supernus in the United States. The additional study on a dyskinesia indication should start in Q122 and could eventually boost US sales. Generic manufacturers have notified the FDA of their intention to file generic Xadago products. Newron is contesting these filings. After 2022, Xadago is protected by a set of patents, which expire no earlier than 2027 if upheld.

Last updated on 26/01/2022
Content on Newron Pharmaceuticals
Newron Pharmaceuticals – Evenamide validation underway
Healthcare | Update | 27 September 2021
nerve cells
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Share price graph
Balance sheet
Forecast net debt (€m) 11.5
Forecast gearing ratio (%) 569
Price performance
%
1m
3m
12m
Actual (11.1) (24.5) (51.9)
Relative* (6.0) (24.2) (56.4)
52-week high/low CHF3.0/CHF1.4
*% relative to local index
Key management
Stefan Weber CEO
Marco Caremi Executive VP of Business Development